The Brazilian fertilizer market is on alert after the European Union announced a series of economic sanctions to important sectors of the economy of Belarus. The retaliation came over the hijacking of a civilian passenger plane last month. Silvia Fagnani, partner at ThinkBrasil Diplomacia Corporativa, explained the country’s importance for the fertilizer sector. “Belarus is the third largest producer of potash in the world. For Brazil, it is the second largest supplier, with 23%. Brazil is highly dependent on the foreign market”, she said. For her, EU sanction against Belarus could cause problems with the global supply and increase production costs. “Brazil has been experiencing a decline in potash production, and we currently produce 3.7% of what we consume,” she explained. According to the specialist, the government has been making an effort to create a National Fertilizer Plan.
Source: Canal Rural (*Translated by Ia Niani)